Metro Vancouver - A stable market

Sellers were more active than buyers in January as prices stabilized and sales dropped, according to a report released Monday by the Real Estate Board of B.C.

Photograph by: Steve Bosch, Vancouver Sun Files, Vancouver Sun; With Files From Postmedia News

Sellers were more active than buyers in January as prices stabilized and sales dropped, according to a report released Monday by the Real Estate Board of B.C.

“We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year,” REBGV president Rosario Setticasi said in a statement. “Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their realtor, and make a decision.”

According to the report, sales reached 1,577 in January 2012, a 4.9-per-cent decrease compared to the 1,658 sales in December 2011, a 13.3-per-cent drop from the 1,819 sales in January 2011 and an 18-per-cent decline from the 1,923 home sales in January 2010.

January sales were also the second lowest January total in the region since 2002, though only 146 sales below the 10-year average, the report added.

The benchmark price for all residential properties was $660,600 in January, up 5.7 per cent from January 2011 and down 0.1 per cent from December 2011.

bmorton@vancouversun.com

 



Read more: http://www.vancouversun.com/business/Metro+Vancouver+prices+stable+sales+drop+report/6109473/story.html#ixzz1lp12ZTE7
Mike Walton

Mike Walton

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CENTURY 21 In Town Realty
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